5 Top Weekly TSXV Performers: Energy and Gold Explorers Buoy Market

Oil and Gas Investing
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Last week's top-gaining stocks on the TSXV were Sintana Energy, Finlay Minerals, GobiMin, Huntington Exploration and Tag Oil.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) continued its downward trend last week, sinking to its lowest point since December 2020 as relations between Russia and Ukraine worsened.

Russia’s attack on Ukraine last Thursday (February 24) sank equity markets around the globe, with benchmark indexes in the US and UK falling dramatically that day.

As markets contracted, oil prices surged to an eight year high — US$101 per barrel — while risk aversion aided gold as it neared US$1,980 per ounce early on Thursday before falling back down to its previous level.

“As a high-quality and very liquid asset, gold is regularly used as a safe haven in periods of heightened risk, and this is no exception,” said Juan Carlos Artigas, global head of research at the World Gold Council. “The gold price has risen over the past month on the back of inflation concerns, in addition to the potential effect of recent geopolitical events on financial markets and more generally the global economy.”

Dipping to 814.6 early on Thursday, Canada’s junior index was able to claw back some of its earlier losses, but remained under pressure on Friday (February 25), locked in the 825 range.

Despite the widespread market uncertainty, a number of junior miners were able to add to their share value last week; the five TSXV-listed mining stocks that saw the biggest gains are as follows:

Here’s a look at those companies and the factors that moved their share prices last week.

1. Sintana Energy

Sintana Energy is engaged in hydrocarbon exploration and development in Colombia's Magdalena Basin.

Last Tuesday (February 22), Sintana upsized a previously announced public offering, citing “strong investor demand.” The energy firm hopes to raise a minimum of C$7.3 million and a maximum of C$11.5 million, with each unit priced at C$0.15. Sintana intends to use the funds to fulfill the US$3.5 million it owes as partial consideration for its proposed 49 percent acquisition of InterOil, a private company.

Last week, shares of Sintana rose 50.09 percent following the news, closing at C$0.28.

2. Finlay Minerals

Precious metals exploration company Finlay Minerals is currently developing assets located in BC.

In early February, Finlay entered a binding letter of intent with ATAC Resources (TSXV:ATC,OTCQB:ATADF) under which ATAC has the option to gain a 70 percent interest in Finlay’s PIL property. According to the statement, the deal will see ATAC pay C$1.9 million and spend C$12 million on work related to the project.

Shares of Finlay climbed 30.77 percent by Friday, ending the session at C$0.085.

3. GobiMin

Gold explorer GobiMin is presently exploring and developing the Sawayaerdun gold property in Xinjiang, China. The company and its subsidiaries also focus on investing in equity, debt and other securities.

GobiMin has not released any updates since November 2021, but its shares added 25 percent last week, closing the period at C$0.25.

4. Huntington Exploration

Huntington Exploration is building a portfolio of precious metals properties in Mexico and Canada, with its primary focus being its flagship El Grande gold project in the Mexican state of Nayarit.

Last Wednesday (February 23), the firm signed a definitive purchase agreement for the acquisition of Lago de Oro SA de CV, a subsidiary of Lago de Oro LLP; it will give Huntington access to the El Grande project.

“The pace of gold discoveries in western Mexico in recent years rivals virtually anywhere else in the world,” Bryan Wilson, president and CEO of Huntington, said in a press release. “Our acquisition of 550 square kilometres of strongly altered and mineralized ground at the southern end of the SMO gold-silver belt is remarkable and is even more so because this area has not seen a single drill hole in the modern era.”

Company shares were up 24.58 percent to C$0.28 last week.

5. Tag Oil

Tag Oil is an international oil and gas exploration company targeting opportunities in the Middle East and North Africa. The energy explorer did not release any news last week, but shares climbed 23.97 percent to hit C$0.44.

Data for 5 Top Weekly TSXV Performers articles is retrieved each Friday at 10:30 a.m. EST using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals sectors are considered.

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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Finlay Minerals is a client of the Investing News Network. This article is not paid-for content.

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